Retirement Rules For State Government Employees In Miami-Dade
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Under the Pension Plan, your retirement benefit is based on a formula comprised of your age, length of FRS service, your Average Final Compensation, and your membership class.
The FRS Pension Plan Plan differences will vary slightly based on hire date, but the basics computation of the plan is as follows: Years of Service x 1.6% of Average annual compensation for highest 5 years of salary during tenure = Annual benefit amount.
For normal retirement and to receive your full monthly benefit, you must be age 65 with at least 8 years of service or have 33 years of service regardless of age.
CalSavers is the name of California's state-mandated retirement program. Through CalSavers, employees can contribute to a Roth Individual Retirement Account (IRA).
How does the FRS normally provide benefits? You receive a set, monthly benefit based on your age at retirement, salary, position, and how long you worked for the FRS. You receive the balance of your investment account; based on how well the plan performed.
FERS Retirement Eligibility Types of RetirementAgeYears of Service Optional (Voluntary) MRA 60 62 30 20 5 Early Out (Voluntary) 50 Any 20 25 Discontinued Service (Involuntary) 50 Any 20 25 Disability Any 18 months
Federal career employees receive retirement benefits through either the Federal Employees Retirement System (FERS) or the Civil Service Retirement System (CSRS). Both are defined benefit, contributory retirement systems.
You must meet the following criteria in order to begin receiving your retirement benefit. You must be vested. If you enrolled in the FRS prior to July 1, 2011, you must have 6 years of service to vest. If you enrolled in the FRS on or after July 1, 2011, you must have at least 8 years of service to vest.
